Oklahoma Insurance Commissioner Carroll Fisher suspended the license of Edmond agent Earl Cody after Cody refused to permit examiners from the Oklahoma Insurance Department to review records as part of an investigation into alleged misappropriation of premiums. According to the suspension order, Cody was accused of: Forging insurance applications; Accepting money from consumers but failing to take out insurance policies with licensed companies; Misrepresentation to insureds regarding the existence of policies; and, “Churning” policies, which is the placing policyholders with a new company primarily for the purpose of collected increased first-year commissions. Cody allegedly made the changes without the knowledge of the policyholders. When faced with an examination, Cody refused to allow investigators access to records. Fisher noted that the allegations were of a serious nature and that Cody’s refusal to give investigators “immediate access to records sent up red flags” for the department. Fisher also suspended Cody’s partner Jenny Cody and their agency JLC Insurance Agency. The order prohibits insurance companies from paying commissions to the Codys.
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